Just another thought... your tenants are invested in a long-term commitment.

If you can bake in the higher interests into your projections and still have strong numbers, it might be worth it. - Are there any state or regional gov't incentives to encourage investments?

I strongly believe in the philosophy, "Live where you want to live, invest where the numbers make sense."

The positive of our market is strong nation-leading GDP growth and job growth, with a high demand for rentals.

Also, be sure that your financing in strong and that your property can withstand a down turn. 

We were looking last year and found a few that would have been ok, but my husband isn't 100% committed yet, which is why I'm reaching out to you to see if my plan is feasible and good.

We had to wait for commitment from broker 2 (which we just got) and we will now be able to close next week.The issue is that broker 2 suggests that I should not fully disclose the fact that I have a signed contract and a mortgage application with broker one, but rather that I should just explain "shopping for mortgage" regarding the credit inquiry of broker 1. 

I would strongly suggest buying a duplex or four plex.

@Jerry Brecko most likely the seller not wanting to extend means the offer from someone else he's planning to accept is equally as strong as yours, if not a better offer.

The question is, how many investors commit and can you close the deal with that particular structure?